Incorporated in 1947, on September 12, the Oriental Insurance Company was pioneer in setting the grounds for a steady and well-organized conduct of insurance business in the country. From 1956-1973, the company was a fully owned subordinate of the Government Security Life Assurance Company Limited that used to carry out the general insurance business. It was in 2003 that the Central Government was given all the shares of the company that were otherwise held by the General Insurance Company.
Health Insurance Plans by Oriental Insurance Company
Oriental Insurance also provides its customers with many user-friendly health insurance plans that prove very helpful for the policyholder in a medical emergency. Let us see the salient features of the Oriental Health Insurance:
- The health insurance plans are applicable for individuals up to an age of 80 years.
- The health insurance plans by Oriental Insurance offer coverage for expenses on hospitalisation in case of illness, injury or death.
- In the case of pre-existing illnesses, the health insurance coverage starts only after 4 years of continuity of the plan without a gap.
- Different types of plans are available, like individual plans and Family flatter plans, depending on the requirements of the customer.
- For cashless facility, the third-party administrators settle it with network hospitals.
- Oriental Insurance also gives a discount on the health insurance premium for family package.
- For pre-hospitalisation of up to 30 days there is a cover available and for post-hospitalisation the cover is for 60 days.
Oriental Health Insurance Renewal
Like most other health insurance companies, Oriental Health Insurance provides its policy-holders with the facility of renewing the policy online for over 120 products. Once you make the plan to purchase the health insurance by Oriental Insurance, it is advised that you go through the various plans and policies and compare them with each other. Doing this will help you decide on the one that suits your needs, health requirements and budget, the most. Renewing your health insurance online is not only a time saver but also makes the process hassle-free. With Oriental Health Insurance Renewal, you also get the option of flexible payments. The Oriental Health Insurance web portal already had the option of “buying personal life insurance”, so now you can also use it to renew the already purchased policies as well.
Things to Keep In mind when Renewing Oriental Health Insurance
Oriental Health Insurance provides its customers with many benefits at the time of the renewal. However, there are two conditions that should be fulfilled to avail theses renewal benefits. The first condition is that there shouldn’t be any break in the insurance cover. And secondly, in case of ‘insurance portability”, which means switching from another insurer, the cover would need to be renewed as fresh policies.
Policyholders are sent notifications that their health insurance is due to end, 45 days prior to the due date. The email will contain details of the amount to be paid, the sum assured, no claim bonus, if any, etc. Generally, a grace period of 15-30 days is given in case you don’t renew your policy on the date of renewal. As the policyholder, you need to be careful, that you do not miss the date of rental and also check all the details diligently for any discrepancy. If you find any incorrect information or details, inform the company at the earliest. It should also be kept in mind that as the healthcare prices are rising, your existing policy may not be able to offer enough cover. You need to assess your health insurance needs and plan the renewal accordingly.
- A health insurance policy has to be annually renewed, and if you do not renew the policy on time and miss doing so in the grace period too, your policy will lapse.
- The premium of health insurance is comparatively higher than other insurances so make the choice of instalments carefully.
- Certain health insurance policies provide tax deductions as well.
- When you are about to renew your health insurance with Oriental Insurance you must also review your insurance needs. For instance, if you and your spouse are planning to have a baby, it is best advised that with your existing health insurance plan you get an add-on plan that gives you maximum maternity benefits.
- Be fair with all your medical bills and documents of expenses so that you do not face any hassles when claiming the insurance.
- Also, do not try and hide facts about your existing illness from the insurance agent or try to forge your documents. You must furnish authentic medical details. If the company finds intentional discrepancies in your medical reports your claim may be cancelled.
- Oriental Insurance strives to provides its customers with the best health insurance plans. However, it is highly recommended that you go through the renewal policy documents carefully. You must read and understand the guidelines renew clauses etc. mindfully before you finalize your deal.
How to Renew Oriental Insurance Online
Renewing the Oriental Insurance online is quite simple. Just follow the steps given below:
- As you open the company’s web portal, on the top you see the option ‘Menu’.
- When you click on menu, a drop box opens, and in the drop box there is the option of ‘Renew’.
- As you click Renew, you are taken to the page “Renew Your Policy”.
- If you are an Oriental Insurance policyholder you need to click ‘Renewal of OICL Policy’, but if are shifting your policy from another company, you then need to click ‘Renewal of non-OICL Policy’. Enter your Policy Number and click ‘Renew Now’.
- On the next page, fill in the necessary personal and you Card details, with which you will be making the payment. You can make the payment using your debit or your credit card or through your net banking.
- When you submit the details, in a few seconds itself, the renewal is processed and you receive a digitally signed copy of the policy.
- You may take a print out of this document or save it on your computer.
The process of renewing your Oriental Insurance online is a very simple and a well-guided procedure. Just follow the above-mentioned guidelines and you would be able to renew your policy very easily. Remember, renewing your health insurance is as important as buying one. Do not let your policy lapse, as it is not only a financial loss, but you are also leaving yourself and your family without health cover.